October 25, 2017 / 11:30 AM / a year ago

Ningbo Jifeng hikes stake in Grammer above 25 percent

FRANKFURT, Oct 25 (Reuters) - China’s Ningbo Jifeng Auto Parts Co has raised its stake in Germany’s Grammer to 25.5 percent from about 20 percent, Grammer said on Wednesday, as it fights to marginalise the influence of Bosnia’s Hastor family.

A source with knowledge of the situation had told Reuters last week that Ningbo Jifeng was planning to increase its holding in the automotive interiors maker.

Grammer’s management has welcomed Ningbo Jifeng, another supplier of vehicle interior components, as a potential white knight in its conflict with Hastor, which holds about 20 percent of the company. (Reporting by Maria Sheahan; Editing by Christoph Steitz)

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